SERBIAN GOVERNMENT SUPPORTS FOREIGN PRODUCTIONS WITH A 15% CASH REBATE

The Serbian government has approved a new film incentive program specifically targeted to foreign productions filming in Serbia.

The Serbian government has approved a new film incentive program specifically targeted to foreign productions filming in Serbia.

The program provides a 15% cash rebate on goods and services purchased in Serbia and a 12% rebate on labor expenses, including foreign crew and talent if they are paid in Serbia during the course of production. Applications are on a first-come, first-serve basis, and must be submitted by November 15, 2011. Minimum spend in Serbia to be eligible for the rebate is €2 million ($2.8 million). The program is currently available for 2011 only, and, if successful, may be extended to 2012.

Following the example of neighboring countries, Serbia’s Ministry of Trade and Agriculture will use the incentive to establish Serbia’s reputation as a film-friendly, low-cost, high-quality Eastern European production destination.

"With existing cost savings of up to 25% and our experienced crews, good quality equipment and diverse locations, we have already been able to attract the attention of international producers," said Ana Ilic, Executive Director of the Serbia Film Commission, in a statement earlier this week. "With the Serbia Film Incentive, the rationale for filming in the country became that much more compelling."

In 2010, Serbia hosted nearly $30 million in high-profile productions, including EuropaCorp's "Lock Out", entirely shot at PFI Studios, and James Mc Teague’s “The Raven,"starring John Cusack, shot on location in Hungary and Serbia, and at PFI Studios.

Pink Films International and PFI Studios, are a division of Pink Media Group. PFI Studios is one of Europe�s newest and most modern film studio complexes. PFI Studios offers 9 sound stages (8 operational and Sound Stage 1 to be completed in 2010), multiple production offices and facilities as well as an extensive back lot. PFI Studios offers high-quality, comprehensive production and production support services at the most competitive rates in Central Europe. For more information, please visit www.pfistudios.com

The Pink Media Group (PMG) is the largest, private commercial entertainment and media group in Southeast Europe. The group's diversified operations include: filmed entertainment production, radio and television broadcasting, satellite television production, music recording, optical media replication (CDs and DVDs) and executive/VIP aviation services. PMG encompasses eleven individual, legally and financially, independent companies. For more information on the Pink Media Group, please see: www.pinkmediagroup.net